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Sale 8
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Lot 153
1794 Pattern Silver Dollar, struck in copper, no stars, lettered edge. J-18, P-25, Unique! . J-18. PCGS graded VF-20. Judd-18, Pollock-25. Unique! This unique copper dollar is almost certainly the very first dollar coin struck at the Philadelphia Mint, and its importance can't be overstated. The obverse die of this coin was apparently used to coin only this piece. For most of its history, collectors thought that after this piece was coined, the stars were added to the obverse die and the balance of the 1794 silver dollars struck came from this die pairing. Research by Andrew W. Pollock III finally demonstrated in 1989 that the obverse die did not later have the stars added, but that an entirely new die was engraved for 1794 silver dollars with stars.
It is virtually certain that this coin was a pattern issue reviewed by all Mint and Federal officials. It is very similar to the pattern 1794 half dime, also with no obverse stars (Judd-14) which is also unique. In the 1792 pattern issues, the motto LIBERTY PARENT OF SCIENCE AND INDUSTRY was used on the obverse. This motto dropped in 1794 and not used again. Without the motto, the fields were left open, and the head of Liberty is centered between the word LIBERTY and the date 1794 below. After viewing this coin, and probably the 1794 no stars pattern half dime, the decision to add stars to future dies was made. No doubt Mint officials decided the stars would further protect the coin and increase its longevity in circulation. We note the cheeks on Liberty are very full, not unlike the Sheldon-24 large cent of 1794, but not quite as dramatic on this coin as seen on the large cent. Perhaps the two dies were made by the same engraver?
The obverse die differs from the 1794 with stars as follows: the 4 on the no stars obverse is placed over the center of a dentil, while on the with stars pieces the 4 is not perfectly centered over a dentil. The placement of the digits in the date are also slightly different on this coin than the later with stars variety. We also note that the hub used to produced this die lacks certain details, mostly on the back of the curls on Liberty. On later 1795 silver dollars, which use this same hub (Liberty's head) on the obverse, the hair curls tips, lettering, date, and stars would be added to the die. Note in particular that the curl tip (usually third from the bottom) has not been engraved on this 1794 no stars die, but a third curl tip is always added on the with stars 1794 dollar obverse and all 1795 flowing hair dies later. We would guess the engraver simply used the obverse hub to make the die and didn't complete the finishing details of lengthening curls. Also, note the size, direction and length of this normally hand engraved curl tip is diagnostic on later 1795 silver dollar obverse varieties and used to tell the dies apart. Using a master hub produces identical dies, except for added details, like the lettering placement, curls added etc… The reverse die is the same used to produce all known 1794 silver dollars. Curiously, the reverse die was not used later in 1795, although the die showed no signs of breaking or wear on the few 1794 dollars produced.
The physical characteristics include a deep dark chocolate brown color, the surfaces show a fine layer of porosity, with some small deep pits and general roughness on much of the surface. The reverse has more porosity than the obverse. Diagnostics are all present, and the coin is not unlike most large cents of the era. The edge lettering is sharp, and can be seen despite the PCGS holder insert, if examined carefully. There are no unsightly bangs or bumps, the rims are very choice, and the coin has a pleasant appearance overall. A couple of faint scratches can be seen on the obverse and reverse, but a strong glass is needed. The dollar is the central monetary unit of coinage in this country. This coin is apparently the first and only example to survive from this die pairing, with a pedigree that includes several of the most famous collectors of the past two centuries. A more important opportunity to purchase any coin simply can not be imagined.
What makes this coin so important is that it is likely the very first "silver" dollar struck at the Mint. It is obviously a die trial piece, struck in copper to test the dies, coining equipment, and to receive approval from the officials. As noted, apparently this met with disfavor, as a new obverse die was engraved and used to coin the small number of 1794 silver dollars later that year. It is likely that this very coin was inspected by President Washington, as well as countless other government and Mint officials. Washington was very interested in the progress at the Philadelphia Mint, and would no doubt have been involved in approving the new silver dollar.
What is curious is that this coin somehow was lost, and the rumor that it was given to President Washington as a memento has generally been disproven. Research by the late Jack Collins indicates that this coin may have shown up when the first Philadelphia Mint building was torn down around 1833 when the new Philadelphia Mint began service. This coin is first reported in the collection of John W. Haseltine, which is the time the silver center cents (1792) found their way into the Mint Collection in Philadelphia. As this coin is porous, it may well have been buried for a time, or at least in a damp environment (Philadelphia certainly qualifies for that!). This coin is next known in the Robert Coulton Davis collection, Davis was the special pharmacist who used his authority to obtain large amounts of laudanum for Mint employees, from whom he obtained many coins for his collection! When Davis sold his collection in 1890, this coin was purchased by Harlan T. Smith and David Proskey, who then sold it to Lorin Parmelee. Next it went to George D. Woodside via the Parmelee Sale of 1890, Woodside sold it via Smith and Proskey again to William H. Woodin. Wooden sold it after a few years to Waldo Newcomer. At some point later, Dr. J. Hewitt Judd bought the coin where it was included in his famous book on Pattern coins. Next it turns up in a Sotheby's Sale in London in 1973, where Ed Milas purchased it and sold it to a Delaware Collector. The coin next crossed the block in the 1977 Getty Sale by Bowers and Ruddy, then later in the sale by Bowers and Merena of Dr. Nelson Page Aspen (ANA Sale) of 1989 lot 741. The coin was then sold to the current consignor.
While this coin is not as beautiful as the gem 1794 with stars copper dollar in the Smithsonian Institution, this coin does have one advantage, it was struck first! This may not be the most valuable coin in the sale, but it will always be one of the most important we have ever sold. A museum piece that still resides in private hands, at least for now.
Estimated Value $75,000-UP.
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| Realized $92,000 |
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